Unprecedented Decline of Cigarette Volumes in China
The cigarette industry is to declining in China due to a number of reasons. The Chinese government is creating legislation such as the increase wholesale excise tax from 5 percent to 11 percent in May 2015. There are also new advertising laws prohibiting advertisements of cigarettes in public places. Euromonitor projects China to lose about 5 percent of its volumes between 2015 and 2020.